The use of controlled experiments using particular substances to test hypotheses is most likely to be found in:
A) chemistry.
B) economics.
C) history.
D) the humanities.
Ans: A) chemistry.
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The demand curve shows the relationship between quantity demanded and
A) income. B) price. C) supply. D) quantity supplied.
If output is increased beyond the point where total profit is maximized,
a. marginal profit will be zero. b. marginal profit will be negative. c. marginal profit will be positive. d. MR > MC.
It is not true of profits that they
A. are what remains from the selling price after factors have been paid. B. accrue to entrepreneurs. C. account for a relatively small portion of national income. D. account for about as much national income as wages and salaries.
Opponents of using the inflation tax to finance government budget deficits argue that:
A. the economic slowdown produced by the inflation tax is more damaging than the hyperinflation that would occur in the absence of the inflation tax. B. inflation is ultimately beneficial in the long run. C. the government can raise taxes to eliminate any budget deficit. D. the inflation tax is a temporary solution that requires ever higher levels of inflation to remain effective.